Slide 1: Performance H1 '26
Performance H1 '26 20 August 2026 WWW.VGPPARKS.EU
Slide 2: Executive summary
Executive summary 1
Slide 3: Executive summary H1 '26
Executive summary H1 '26 € 140.9 m € 186.4 m € 128.2 m € 489 m NET PROFIT BEFORE TAX EBITDA NET RENTAL + RENEWABLE INCOME COMMITTED ANNUALISED RENT AT SHARE € 120 m after tax; EPS of € 4.26 (H1 '25: € 130.5 m from the recurring Investment +17.9% y.o.y. on a proportional basis +11% y.o.y.; € 180.5 m
Slide 4: Financial Performance
Financial Performance
Slide 5: Profit of €120m, €186m EBITDA with continuous organic growth in recurrent earnings
Profit of € 120 m, € 186 m EBITDA with continuous organic growth in recurrent earnings Income statement — own portfolio EBITDA by segment ( € million) € thousands H1 '26 H1 '25 Δ 150 130.5 Gross rental and renewable energy income 49,685 45,561 +9.1% 118.7 118.1 125 Net property operating expenses/in
Slide 6: Net rental and renewable energy income up 18% to €128 million at share
Net rental and renewable energy income up 18% to € 128 million at share Rental and renewable energy income € 128.2 m € 51.7 m € 76.4 m € million H1 '26 H1 '25 Δ Net rental and renewable Own portfolio Share of the Joint Ventures energy income, at share +26.4% y.o.y. +12.8% y.o.y. Gross rental income
Slide 7: Net valuation gains of €91 million at share, driven by development margin
Net valuation gains of € 91 million at share, driven by development margin Where the valuation gains came from Development gap** Valuation gains H1 '26 ( € million) +25.1 91.0 ▪ € 59.9 million of development margin recognised on 314,000 sqm that initiated construction. The yield on cost, including c
Slide 8: Share in Joint Venture result up 24% to €54 million; promote settled
Share in Joint Venture result up 24% to € 54 million; promote of € 18.4 million settled Joint Ventures — income statement at share EPRA metrics — Joint Ventures at share € thousands H1 '26 H1 '25 Δ € thousands H1 '26 H1 '25 Δ Net rental and renewable energy income 76,429 67,731 +12.8% EPRA Earnings
Slide 9: Total assets of €5.8 billion; shareholders' equity up 10.5%
Total assets of € 5.8 billion; shareholders' equity up 10.5% to € 2,875 million Assets Shareholders' equity and liabilities € thousands 30 Jun '26 31 Dec '25 € thousands 30 Jun '26 31 Dec '25 Intangible assets 519 517 Shareholders' equity 2,874,659 2,600,804 Investment properties 2,831,150 2,393,399
Slide 10: Average cost of debt of 3.0% with €1.0 billion of available liquidity
Average cost of debt of 3.0% with € 1.0 billion of available liquidity Debt maturity profile at 30 June 2026 ( € million) Average cost of debt 700 3.5% 3.20% 3.00% 3.0% 600 18 2.71% 18 18 2.55% 2.43% 2.5% 2.20% 2.10% 500 18 2.0% 1.5% 400 2020 2021 2022 2023 2024 2025 H1 '26 300 600 580 576 500 € 599
Slide 11: Cash up €75 million to €599 million after €376 million of capex
Cash up € 75 million to € 599 million after € 376 million of capex Cash flow statement Cash flow H1 '26 ( € million) € thousands H1 '26 H1 '25 +401.6 +0.8 598.6 Cash at beginning of period 523,094 492,533 523.1 +4.4 −331.2 Net cash from operating activities 4,355 28,738 Net cash used in investing ac
Slide 12: Operational performance
H1 2026 Operational performance 11
Slide 13: Leasing activities
Leasing activities 12
Slide 14: Record committed rental income of €489 million, Joint Ventures at 100%
Record committed rental income of € 489 million, Joint Ventures at 100% Committed annualised rental income ( € million) Bridge of committed annualised rental income ( € million) 500 +7.6 +2.2 −11.3 +24.0 −1.8 488.9 7.6 × since 2016 468.3 400 from € 64 m of committed annualised rent at year -end 2016
Slide 15: New tenant demand shifting back towards e-commerce and light industrial
New tenant demand shifting back towards e -commerce and light industrial New lease agreements by segment, based on rent Selected customers signed in H1 '26 H1 '25 H1 '26 69% Logistics 51.6% 18% E -commerce 22.3% 13% Light industrial 21.6% 0% Other 4.5% ▪ € 52.7 million of new and renewed leases sign
Slide 16: €419 million of cash generative leases, with potential to grow to €800 million
€ 419 million of cash generative leases, with potential to grow to € 800 million Rental income potential ( € million, Joint Ventures at 100%) Split between the own portfolio and the Joint Ventures +310.6 799.5 € million Own JVs @100% Total At share Cash generative Dec '25 78.4 310.9 389.3 236 Cash g
Slide 17: Deliveries
Deliveries 16
Slide 18: 12 buildings and 236,000 sqm delivered year to date, 86% let
12 buildings and 236,000 sqm delivered year to date, 86% let 12 236k sqm BUILDINGS DELIVERED GLA DELIVERED Own portfolio and Joint Ventures combined Gross lettable area completed in H1 '26 VGP Park Alicante, Spain € 17.1 m 86% ANNUALISED RENTAL INCOME LET AT DELIVERY Secured through 35 new contracts
Slide 19: Deliveries in 2026 tending towards logistics
Deliveries in 2026 tending towards logistics Deliveries by tenant segment, based on lettable sqm Examples of customers taking delivery in H1 '26 Logistics 76.0% E-commerce 12.5% Light industrial 6.8% Other 4.8% ▪ Logistics represented 76% of H1 '26 deliveries by lettable sqm ▪ E -commerce a further
Slide 20: All H1 deliveries certified sustainable — 39% BREEAM Outstanding
All H1 deliveries certified sustainable — 39% BREEAM Outstanding Certification of the H1 '26 deliveries (share of delivered sqm) BREEAM Outstanding 39% BREEAM Excellent 28% DGNB Gold 19% VGP Park Alicante, Spain ÖGNI Gold 14% ▪ Every delivery is certified: BREEAM 'Excellent' or better, or the DGNB /
Slide 21: Characteristics of the standing portfolio – H1'26
Characteristics of the standing portfolio – H1’26 5.1 year 24.000 sqm 12 million sqm AVERAGE BUILDING AGE AVERAGE BUILDING SIZE COMPLETED PORTFOLIO IN SIGHT Average Building Age Average Building Size ~12 million sqm portfolio potential Standing Portfolio Standing Portfolio Years SQM < 10.000 >10 yea
Slide 22: Developments
Developments 21
Slide 23: 44 buildings under construction, representing €90.6 million of annual rental income
44 buildings under construction, representing € 90.6 million of annual rental income once fully let and built 44 1,140k sqm BUILDINGS UNDER CONSTRUCTION GLA UNDER CONSTRUCTION Own portfolio and Joint Ventures combined Of which 314,000 sqm started up in '26 VGP Park München – Building D, Germany € 90
Slide 24: Land bank
Land bank 23
Slide 25: 10.4 m sqm owned and committed land bank to support future growth
10.4 m sqm owned and committed land bank to support future growth… Land bank bridge (million m²) +1.4 +2.7 10.4 +1.2 −0.6 +0.0 7.7 7.1 Owned Acquired Deployed Sold Owned Committed Owned and Under option / Dec '25 June '26 June '26 committed pre -contract 10.4 m m² 4.3 m m² + € 311 m Owned and commit
Slide 26: … well spread across countries of operations
… well spread across countries of operations Land bank by country (million m²) Germany 1.87 18.0% Romania 1.68 16.1% 10.4 m m² Serbia 0.96 9.2% TOTAL LAND BANK France 0.89 8.6% Owned and committed, including the Joint Ventures Italy 0.82 7.9% Denmark 0.71 6.8% Hungary 0.62 6.0% 4.3 m m² Slovakia 0.6
Slide 27: Several large development projects to be unlocked over the near term
Several large development projects to be unlocked over the near term Where construction is expected to start over the near term (bubble size represents future lettable area) Rüsselsheim — 3 areas Odense Hagen Greve Magdeburg 2 Hagen 1 + 2 Rüsselsheim Vélizy (Paris) Nürnberg Oradea Frankenthal 2 Véli
Slide 28: Renewable energy
Renewable energy 27
Slide 29: Renewable energy platform of 300.8 MWp and 250.9 MWh
Renewable energy platform of 300.8 MWp and 250.9 MWh € 7.2 m 78 GWh 193.4 MWp GROSS RENEWABLE INCOME SOLAR ELECTRICITY SOLD INSTALLED PV CAPACITY H1 '25: € 6.5 million +10% y.o.y. (H1 '25: 71 GWh) +17% versus June '25 Platform overview PV projects (#) MWp BESS projects (#) MWh Installed 152 193.4 11
Slide 30: Update on the Joint Ventures
Update on the Joint Ventures 29
Slide 31: Saga II Joint Venture — MoU signed, launch in 2027
Saga II Joint Venture — MoU signed, launch in 2027 Structure and context ▪ Memorandum of Understanding signed with Areim ; launch targeted for 2027 > € 600 m 10 years ▪ The Joint Venture structure remains as is, with Areim acting as manager for the 50% stake MINIMUM EQUITY TICKET JV TERM ▪ Focus on
Slide 32: Summary and outlook
Summary and outlook 31
Slide 33: Outlook
Outlook DISCIPLINED DEVELOPMENT EXPANDING RECURRING INCOME CAPITAL RECYCLING VGP maintains a disciplined approach to The recurring income base is expected to Capital recycling is expected to accelerate in ’27 development, prioritising pre -let levels and continue to expand, accelerated by further gr
Slide 34: Building Tomorrow — Capital Markets Day 2026
BUILDING TOMORROW When Europe | — needs more clo we K Ce} D | 3 September 2026 Frankfurt ORF iO | Capital Markets Day. 2026 vgp-capital.